Cooper Standard Reports Record 2017 Results

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1 Cooper Standard Reports Record 2017 Results February 15, 2018 NOVI, Mich., Feb. 15, 2018 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported record results for the fourth quarter and full year Fourth Quarter 2017 Highlights Sales increased 7.1 percent to a record $937.9 million Net income totaled $28.5 million or $1.53 per fully diluted share Adjusted net income totaled $63.6 million or $3.42 per fully diluted share Adjusted EBITDA totaled $131.2 million, up 26.4 percent year-over-year Cash flow from operations totaled $208.9 million; free cash flow generated was $159.6 million Full Year 2017 Highlights Sales increased 4.2 percent to a record $3.62 billion Strong net income of $135.3 million or $7.21 per fully diluted share Adjusted net income totaled $208.0 million or $11.08 per fully diluted share Adjusted EBITDA totaled $452.0 million, up 8.5 percentyear-over-year Cash flow from operations totaled $313.5 million; free cash flow generated was $126.7 million "Cooper Standard had another outstanding year in 2017," stated Jeffrey Edwards, Company chairman and CEO. "It was our best year ever in terms of employee safety and we set new all-time highs in sales, adjusted EBITDA and adjusted EBITDA margin. In addition, our progress in material science and product innovation and the establishment of our adjacent markets business are creating new and exciting opportunities for the future. Our outlook is positive and our global team of highly engaged employees remains focused on making further advancements toward world-class performance." During the fourth quarter 2017, Cooper Standard generated net income of $28.5 million, or $1.53 per diluted share on sales of $937.9 million. These results included a $33.5 million charge related to recent tax reform legislation in the United States. Adjusted EBITDA for the quarter was $131.2 million. These results compare to a net income of $31.1 million or $1.65 per diluted share and adjusted EBITDA of $103.8 million on sales of $875.4 million in the fourth quarter of The Company's adjusted EBITDA margin for the fourth quarter 2017 was 14.0 percent compared to 11.9 percent in the fourth quarter Fourth quarter 2017 net income excluding restructuring and other special items ("adjusted net income") totaled $63.6 million, or $3.42 per diluted share, compared to $48.1 million, or $2.56 per diluted share in the fourth quarter For the full year 2017, the Company reported net income of $135.3 million, or $7.21 per diluted share on sales of $3.62 billion. These results included the $33.5 million charge in the fourth quarter related to recent tax reform legislation in the United States. Adjusted EBITDA for the year was $452.0 million. By comparison, the Company reported net income of $139.0 million, or $7.42 per diluted share, and adjusted EBITDA of $416.7 million on sales of $3.47 billion in The Company's adjusted EBITDA margin for 2017 was 12.5 percent compared to 12.0 percent in Adjusted net income for the full year 2017 was $208.0 million or $11.08 per diluted share. This compares to adjusted net income of $194.9 million or $10.41 per diluted share in Adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share and free cash flow are non-gaap measures. Reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), are provided in the attached supplemental schedules. Notable Developments During the fourth quarter, Cooper Standard launched 42 new customer programs and was awarded $107.6 million in annual net new business. For the full year 2017, the Company's annual net new business awards totaled $453.0 million, an increase of 13.8 percent compared to New contract awards for the Company's recent product innovations totaled $45.1 million in the quarter, including the Company's fourth production contract for Fortrex TM sealing products. Since the first quarter of 2016, contract awards for innovation products total $464.0 million. Commercialized innovation products include: MagAlloy ; ArmorHose ; ArmorHose TPV; Gen III Posi-Loc TM ; TP Microdense; and Fortrex. Fourth Quarter Operational Overview Consolidated Fourth quarter 2017 sales increased by $62.5 million or 7.1 percent compared to the fourth quarter of The year-over-year increase is largely attributable to favorable volume and mix, favorable foreign exchange and the net positive impact of acquisitions and divestitures, partially offset by customer price adjustments. Fourth quarter adjusted EBITDA increased by $27.4 million or 26.4 percent compared to the fourth quarter of The year-over-year variance is

2 primarily attributable to favorable volume and mix, lower compensation related expense, restructuring savings and net material cost savings. These favorable items were partially offset by customer price adjustments and inflation. North America Cooper Standard'sNorth America segment reported sales of $479.4 million in the fourth quarter of 2017, an increase of 5.3 percent when compared to $455.3 million in sales recorded in the fourth quarter of The increase was primarily attributable to improved volume and mix, and the acquisition of AMI, partially offset by customer price adjustments. North America segment profit was $65.2 million, or 13.6 percent of sales, in the fourth quarter of This compared to segment profit of $49.9 million, or 11.0 percent of sales in the fourth quarter of The increase was primarily attributable to lower compensation related expense, favorable volume and mix, improved supply chain performance and net material costs, the acquisition of AMI and foreign exchange. These favorable items were partially offset by customer price adjustments, investments in innovation, and inflation. Europe Cooper Standard'sEurope segment reported sales of $267.4 million in the fourth quarter of 2017 compared to $237.1 million in the fourth quarter of The increase was attributable to favorable volume and mix, and foreign exchange, partially offset by customer price adjustments. The Europe segment reported a segment profit of $1.8 million in the fourth quarter of 2017, compared to a segment loss of $8.5 million in the fourth quarter of The year-over-year improvement was largely attributable to favorable volume and mix, and cost reductions related to restructuring, partially offset by customer price adjustments, commodity price pressure and inflation. Asia Pacific Cooper Standard'sAsia Pacific segment reported sales of $163.2 million in the fourth quarter of 2017, an increase of 1.9 percent compared to $160.2 million in the fourth quarter of The Asia Pacific segment reported segment loss of $1.1 million in the fourth quarter of 2017, compared to segment profit of $3.1 million in the fourth quarter The year-over-year change was primarily attributable to fixed asset impairment charges, wage inflation and customer price adjustments, partially offset by improved supply chain performance and net material costs. South America Cooper Standard'sSouth America segment reported sales of $27.9 million in the fourth quarter of 2017 compared to $22.8 million in the fourth quarter of The increase was primarily attributable to favorable volume and mix. The South America segment incurred a segment loss of $2.6 million in the fourth quarter of 2017 compared to a loss of $1.5 million in the fourth quarter of The year-over-year change is primarily attributable to expenses related to a tax amnesty program and foreign exchange, partially offset by improved operating efficiency and favorable volume and mix. Liquidity and Cash Flow At December 31, 2017, Cooper Standard had cash and cash equivalents totaling $516.0 million. Net cash provided by operating activities in the fourth quarter 2017 was $208.9 million compared to $181.7 million in the fourth quarter of Free cash flow (defined as net cash provided by operating activities minus capital expenditures) improved to $159.6 million in the fourth quarter of 2017 compared to $134.1 million in the fourth quarter of For the full year 2017, net cash provided by operating activities was $313.5 million compared to $363.7 million in Free cash flow for the full year 2017 was $126.7 million compared to $199.3 million in In addition to cash and cash equivalents, the Company had $198.4 million available under its senior amended asset-based revolving credit facility ("ABL facility") for total liquidity of $714.3 million at December 31, Total debt at December 31, 2017 was $758.2 million compared to $762.9 million at December 31, Net debt (defined as total debt minus cash and cash equivalents) at December 31, 2017 was $242.3 million compared to $282.8 million at December 31, Cooper Standard's net leverage ratio (defined as net debt divided by adjusted EBITDA) at December 31, 2017 was 0.5 times trailing 12 months adjusted EBITDA. Outlook The Company has issued 2018 full year guidance as follows: Current Guidance Sales $ $3.60 billion Adjusted EBITDA Margin % % Capital Expenditures as a percent of sales 5.5% - 5.9% Cash Restructuring $25 - $35 million Effective Tax Rate 20% - 24%

3 1 Adjusted EBITDA Margin is a non-gaap financial measure. We do not provide guidance on net income margin. Full-year net income will include special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Conference Call Details Cooper Standard management will host a conference call and webcast on February 16 at 9 a.m. ET to discuss its fourth quarter and full year 2017 results, provide a general business update and respond to investor questions. To participate in the live question-and-answer session, callers in the United States and Canada should dial toll-free (international callers dial ) and provide the conference ID or ask to be connected to the Cooper Standard teleconference. Callers should dial in at least five minutes prior to the start of the call. Financial and automotive analysts are invited to ask questions after the presentations are made. The interactive webcast and slide presentation can be accessed live or in replay on the investor relations page of the Cooper Standard website at About Cooper Standard Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems. Cooper Standard employs approximately 32,000 people globally and operates in 20 countries around the world. For more information, please visit Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," or future or conditional verbs, such as "will," "should," "could," "would," or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks, uncertainties and other factors that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; entering new markets; possible variability of our working capital requirements; risks associated with our international operations; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers' needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal proceedings, claims or investigations against us; work stoppages or other labor disruptions; the ability of our intellectual property to withstand legal challenges; cyber-attacks or other disruptions in our information technology systems; the possible volatility of our annual effective tax rate; changes in our assumptions used for evaluation of deemed repatriation tax and the remeasurement of our deferred tax assets and liabilities, including as a result of IRS issuing guidance on the Tax Cuts and Jobs Act that may change our assumptions; the possibility of future impairment charges to our goodwill and long-lived assets; and our dependence on our subsidiaries for cash to satisfy our obligations. You should not place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law. This press release also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. CPS_F Contact for Analysts: Contact for Media: Roger Hendriksen Sharon Wenzl Cooper Standard Cooper Standard (248) (248) roger.hendriksen@cooperstandard.com sswenzl@cooperstandard.com Financial statements and related notes follow: COOPER-STANDARD HOLDINGS INC. CONSOLIDATED STATEMENTS OF NET INCOME (Dollar amounts in thousands except share and per share amounts)

4 (Unaudited) (Unaudited) (Unaudited) Sales $ 937,914 $ 875,434 $ 3,618,126 $ 3,472,891 Cost of products sold 759, ,049 2,946,828 2,808,049 Gross profit 178, , , ,842 Selling, administration & engineering expenses 81,613 91, , ,782 Amortization of intangibles 3,493 3,592 14,056 13,566 Impairment charges 10,493 1,273 14,763 1,273 Restructuring charges 6,917 12,563 35,137 46,031 Other operating loss 155 Operating profit 75,628 59, , ,035 Interest expense, net of interest income (10,324) (11,528) (42,112) (41,389) Equity in earnings of affiliates 1,784 2,054 5,519 7,877 Loss on refinancing and extinguishment of debt (5,104) (1,020) (5,104) Other expense, net (3,858) (2,070) (7,133) (10,659) Income before income taxes 63,230 43, , ,760 Income tax expense 34,269 11,009 74,527 54,321 Net income 28,961 32, , ,439 Net income attributable to noncontrolling interests (460) (902) (3,270) (1,451) Net income attributable to Cooper-Standard Holdings Inc. $ 28,501 $ 31,114 $ 135,303 $ 138,988 Weighted average shares outstanding Basic 17,815,292 17,671,669 17,781,272 17,459,710 Diluted 18,591,378 18,809,223 18,776,653 18,730,378 Earnings per share: Basic $ 1.60 $ 1.76 $ 7.61 $ 7.96 Diluted $ 1.53 $ 1.65 $ 7.21 $ 7.42 COOPER-STANDARD HOLDINGS INC. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands) December 31, Assets (Unaudited) Current assets: Cash and cash equivalents $ 515,952 $ 480,092 Accounts receivable, net 494, ,503 Tooling receivable 112,561 90,974 Inventories 170, ,449 Prepaid expenses 33,205 37,142 Other current assets 100,778 81,021 Total current assets 1,426,741 1,296,181 Property, plant and equipment, net 952, ,269 Goodwill 171, ,441 Intangible assets, net 69,091 81,363 Deferred tax assets 33,834 46,419 Other assets 71,952 68,029 Total assets $ 2,725,648 $ 2,491,702 Liabilities and Equity Current liabilities: Debt payable within one year $ 34,921 $ 33,439 Accounts payable 523, ,426 Payroll liabilities 123, ,812 Accrued liabilities 145, ,665 Total current liabilities 826, ,342 Long-term debt 723, ,480 Pension benefits 180, ,950 Postretirement benefits other than pensions 61,921 54,225 Deferred tax liabilities 9,511 9,241 Other liabilities 68,672 44,673 Total liabilities 1,870,559 1,769,911 7% Cumulative participating convertible preferred stock Equity: Common stock 18 17

5 Additional paid-in capital 512, ,934 Retained earnings 511, ,972 Accumulated other comprehensive loss (197,631) (242,563) Total Cooper-Standard Holdings Inc. equity 826, ,360 Noncontrolling interests 28,520 24,431 Total equity 855, ,791 Total liabilities and equity $ 2,725,648 $ 2,491,702 COOPER-STANDARD HOLDINGS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollar amounts in thousands) Year Ended December 31, (Unaudited) Operating Activities: Net income $ 138,573 $ 140,439 $ 111,770 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 124, , ,535 Amortization of intangibles 14,056 13,566 13,892 Impairment charges 14,763 1,273 21,611 Share-based compensation expense 24,963 24,032 13,955 Equity in earnings, net of dividends related to earnings (137) (4,855) (3,766) Loss on refinancing and extinguishment of debt 1,020 5,104 Gain on divestitures and sale of investment in affiliate (8,033) Gain on remeasurement of previously held equity interest (14,199) Deferred income taxes 11,076 9,082 (2,698) Other 1,286 1, Changes in operating assets and liabilities: Accounts and tooling receivable (26,428) (579) (72,546) Inventories (13,929) 6,651 12,848 Prepaid expenses 5,981 (7,010) 5,348 Accounts payable 11,415 70,066 61,063 Payroll and accrued liabilities 8,879 5,612 75,424 Other (2,066) (10,369) (45,544) Net cash provided by operating activities 313, , ,385 Investing activities: Capital expenditures (186,795) (164,368) (166,267) Proceeds from divestitures and sale of investment in affiliate 33,500 Acquisition of businesses, net of cash acquired (478) (37,478) (34,396) Investment in joint ventures (4,300) Cash from consolidation of joint venture 3,395 Other (13,349) 185 5,069 Net cash used in investing activities (200,622) (198,266) (166,394) Financing activities: Proceeds from issuance of long-term debt, net of debt issuance costs 393,060 Repayment and refinancing of term loan facility (397,196) Principal payments on long-term debt (19,866) (10,747) (8,863) Purchase of noncontrolling interest (1,262) Repurchase of common stock (55,123) (23,800) Proceeds from exercise of warrants 2,373 2,810 9,277 Increase (decrease) in short term debt, net 10,683 (12,223) (9,008) Borrowings on long-term debt 151 Taxes withheld and paid on employees' share-based payment awards (13,297) (12,624) (2,028) Other (297) (2,196) 143 Net cash used in financing activities (75,527) (62,916) (11,590) Effects of exchange rate changes on cash and cash equivalents (1,475) (666) 18,572 Changes in cash and cash equivalents 35, , ,973 Cash and cash equivalents at beginning of period 480, , ,270 Cash and cash equivalents at end of period $ 515,952 $ 480,092 $ 378,243 Non-GAAP Measures EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow are measures not

6 recognized under U.S. GAAP and which exclude certain non-cash and special items that may obscure trends and operating performance not indicative of the Company's core financial activities. Management considers EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow to be key indicators of the Company's operating performance and believes that these and similar measures are widely used by investors, securities analysts and other interested parties in evaluating the Company's performance. In addition, similar measures are utilized in the calculation of the financial covenants and ratios contained in the Company's financing arrangements and management uses these measures for developing internal budgets and forecasting purposes. EBITDA is defined as net income adjusted to reflect income tax expense, interest expense net of interest income, depreciation and amortization, and adjusted EBITDA is defined as EBITDA further adjusted to reflect certain items that management does not consider to be reflective of the Company's core operating performance. Adjusted EBITDA margin is adjusted EBITDA presented as percentage of sales. Adjusted net income is defined as net income adjusted to reflect certain items that management does not consider to be reflective of the Company's core operating performance. Adjusted earnings per share is defined as adjusted net income divided by the weighted average number of basic and diluted shares. Free cash flow is defined as net cash provided by operating activities minus capital expenditures and is useful to both management and investors in evaluating the Company's ability to service and repay its debt. When analyzing the Company's operating performance, investors should use EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow as supplements to, and not as alternatives for, net income, operating income, or any other performance measure derived in accordance with U.S. GAAP, and not as an alternative to cash flow from operating activities as a measure of the Company's liquidity. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company's results of operations as reported under U.S. GAAP. Other companies may report EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow differently and therefore the Company's results may not be comparable to other similarly titled measures of other companies. In addition, in evaluating adjusted EBITDA and adjusted net income, it should be noted that in the future the Company may incur expenses similar to or in excess of the adjustments in the below presentation. This presentation of adjusted EBITDA and adjusted net income should not be construed as an inference that the Company's future results will be unaffected by special items. Reconciliations of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and free cash flow follow. Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA The following table provides reconciliation of EBITDA and adjusted EBITDA from net income (unaudited): (dollar amounts in thousands) Net income attributable to Cooper-Standard Holdings Inc. $ 28,501 $ 31,114 $ 135,303 $ 138,988 Income tax expense 34,269 11,009 74,527 54,321 Interest expense, net of interest income 10,324 11,528 42,112 41,389 Depreciation and amortization 38,675 30, , ,660 EBITDA $ 111,769 $ 84,612 $ 390,030 $ 357,358 Restructuring charges 6,917 12,563 35,137 46,031 Impairment charges (1) 10,493 1,273 14,763 1,273 Settlement charges (2) , Foreign tax amnesty program (3) 1,502 4,623 Loss on refinancing and extinguishment of debt (4) 5,104 1,020 5,104 Secondary offering underwriting fees and other expenses (5) 6,500 Other 155 Adjusted EBITDA $ 131,206 $ 103,833 $ 452,000 $ 416,702 Sales $ 937,914 $ 875,434 $ 3,618,126 $ 3,472,891 Adjusted EBITDA Margin 14.0 % 11.9 % 12.5 % 12.0 % (1) Impairment charges related to fixed assets. (2) Non-cash settlement charges incurred related to certain of our non-u.s. pension plans. (3) Relates to indirect taxes recorded in cost of products sold. (4) Loss on refinancing and extinguishment of debt relating to the May 2017 amendment of the Term Loan Facility and the refinancing of our Term Loan Facility in (5) Fees and other expenses associated with the March 2016 secondary offering. Adjusted Net Income and Adjusted Earnings Per Share The following table provides reconciliation of net income to adjusted net income and the respective earnings per share amounts: (Unaudited; Dollar amounts in thousands, except per share amounts) Net income attributable to Cooper-Standard Holdings Inc. $ 28,501 $ 31,114 $ 135,303 $ 138,988 Restructuring charges 6,917 12,563 35,137 46,031 Impairment charges (1) 10,493 1,273 14,763 1,273 Settlement charges (2) , Foreign tax amnesty program (3) 1,502 4,623

7 Loss on refinancing and extinguishment of debt (4) 5,104 1,020 5,104 Secondary offering underwriting fees and other expenses (5) 6,500 Other 155 Tax impact of adjusting items (6) (3,912) (2,253) (8,855) (3,385) Impact of U.S. tax reform (7) 33,484 33,484 Worthless security tax deduction (8) (13,947) (13,947) Adjusted net income $ 63,563 $ 48,082 $ 207,955 $ 194,947 Weighted average shares outstanding Basic 17,815,292 17,671,669 17,781,272 17,459,710 Diluted 18,591,378 18,809,223 18,776,653 18,730,378 Earnings per share: Basic $ 1.60 $ 1.76 $ 7.61 $ 7.96 Diluted $ 1.53 $ 1.65 $ 7.21 $ 7.42 Adjusted earnings per share: Basic $ 3.57 $ 2.72 $ $ Diluted $ 3.42 $ 2.56 $ $ (1) Impairment charges related to fixed assets. (2) Non-cash settlement charges incurred related to certain of our non-u.s. pension plans. (3) Relates to indirect taxes recorded in cost of products sold. (4) Loss on refinancing and extinguishment of debt relating to the May 2017 amendment of the Term Loan Facility and the refinancing of our Term Loan Facility in (5) Fees and other expenses associated with the March 2016 secondary offering. (6) Represents the elimination of the income tax impact of the above adjustments, by calculating the income tax impact of these adjusting items using the appropriate tax rate for the jurisdiction where the charges were incurred. (7) Tax impact of the transition tax on undistributed foreign earnings and the tax effect of adjusting deferred taxes for the Tax Cuts and Jobs Act enacted into law on December 22, (8) Discrete tax benefit recorded in Q Free Cash Flow The following table defines free cash flow: (Unaudited; Dollar amounts in thousands) Net cash provided by operating activities Capital expenditures Free cash flow $ 208,934 $ 181,652 $ 313,484 $ 363,697 (49,349) (47,580) (186,795) (164,368) $ 159,585 $ 134,072 $ 126,689 $ 199,329 View original content: SOURCE Cooper-Standard Holdings Inc.

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